China’s Economic Reforms

China’s economic reforms, starting in 1978, shifted the country from a centrally planned economy to a more market-oriented one. These reforms encouraged private enterprise, opened up to international trade, and attracted foreign investment. The government reduced control over businesses, allowing market forces to play a bigger role. This transformation led to rapid economic growth, urbanization, and improved standards of living, while maintaining state oversight. Overall, China moved towards a mixed economy, balancing government planning with private enterprise, which fueled its emergence as a major global economic power.